The 65-year-old tycoon, who was involved in a contentious succession fight with his younger brother after their father passed away in 2002 without a will, outlined a clear transfer of wealth in the declaration.
Billionaire Mukesh Ambani handed over control of his $217 billion group’s telecom subsidiary, Reliance Jio, to his eldest son Akash in the first obvious indication of a succession plan being laid out at India’s most valuable company.
Reliance Jio Infocomm Ltd. stated in a stock exchange statement on Tuesday that the board of the firm “accepted the nomination of Akash M Ambani, non-executive director, as chairman of the board of directors of the company” at a meeting on June 27. This comes after his father announced his resignation on June 27 at the end of the workday, according to the statement.
Reliance Industries Ltd., whose businesses include retail, media, new energy, and petrochemicals and oil refining, owns Jio.
The youngest son Anant and twins Akash and Isha make up Ambani’s family of three.
It is commonly believed that he may transfer control of the retail company to Isha, 30, who is married to Anand Piramal, the son of Ajay and Swati Piramal of the Piramal Group.
Since October 2014, Akash and Isha have served on the boards of Reliance Retail Ventures Ltd., the company that runs supermarkets that sell consumer electronics, food and groceries, clothing, jewellery, and footwear, as well as JioMart, an online retail venture, and Jio Platforms Ltd. (JPL), the company’s digital arm.
Anant, a 26-year-old director on RRVL, was just appointed. He joined JPL as a director in May 2020.
Pankaj Mohan Pawar was among the nominations made, and he would serve as managing director of Reliance Jio Infocomm for five years starting on June 27, according to the filing.